---
title: "Jefferies’ Sam Burwell Reiterates Buy on Topaz Energy After Strong Q1 Beat and Dividend Hike, Citing Royalty and Infrastructure Strength"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/285419340.md"
description: "Jefferies' Sam Burwell has reiterated a Buy rating on Topaz Energy Corp, setting a price target of C$35.00. This decision follows a strong Q1 performance, with cash flow and production exceeding expectations. Burwell noted a 3% dividend increase and highlighted the company's royalty and infrastructure strengths, as well as its potential for growth through acquisitions. BMO Capital also maintains a Buy rating with a slightly higher price target of C$35.50."
datetime: "2026-05-06T18:06:36.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/285419340.md)
  - [en](https://longbridge.com/en/news/285419340.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/285419340.md)
---

# Jefferies’ Sam Burwell Reiterates Buy on Topaz Energy After Strong Q1 Beat and Dividend Hike, Citing Royalty and Infrastructure Strength

In a report released today, Sam Burwell from Jefferies maintained a Buy rating on Topaz Energy Corp, with a price target of C$35.00.

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Sam Burwell has given his Buy rating due to a combination of factors, including Topaz Energy Corp’s stronger‑than‑expected first‑quarter cash flow per share and production, which both exceeded consensus and Jefferies estimates. He also notes that infrastructure revenue matched his projections, while management now anticipates hitting the upper end of royalty production guidance and the midpoint of infrastructure revenue guidance, signaling solid operational momentum.

In addition, Burwell highlights the company’s 3% dividend increase as evidence of growing, sustainable shareholder returns supported by its business model. He emphasizes Topaz’s differentiated royalty‑ and infrastructure‑focused strategy, along with its leverage to the Clearwater play, as key competitive advantages, and he is looking for further details on potential acquisition opportunities that could enhance growth and value.

In another report released yesterday, BMO Capital also maintained a Buy rating on the stock with a C$35.50 price target.

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